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CU System

Maine CU poll reports top three trends for May

WESTBROOK, Maine (7/6/10)--Continued increase in deposits, more members using core services and more members getting rid of credit cards were the top three trends credit unions identified for May in an online poll conducted by the Maine Credit Union League. The focus was on delinquencies within the past year. About 37% of credit unions responding said delinquencies had stayed the same in May 2009, 33% reported an increase and 30% said they had decreased, the league said in its Weekly Update (July 2). For those that reported a change in delinquencies, 100% said the change was due to an increase in loan charge offs and 18% attributed it to an increase in collections staff. Other results:

* About 16% of credit unions surveyed said delinquencies increased in May over the previous month, while 52% said they stayed the same and 32% said they decreased. * About 50% of the credit unions said lending increased, 30% said lending stayed the same, and about 20% said lending decreased; and * Of those experiencing an increase in lending, 64% reported a hike in mortgages and auto loans, 50% reported increases in home equity lines of credit and 7% saw increases in member business loans--7%.